BusinessEconomy

Nine global banks invest US$45 million in carbon credit platform

Each of the banks - BBVA, BNP Paribas, CIBC, Itaú Unibanco, National Australia Bank, NatWest, Standard Chartered, SMBC and UBS – have invested US$5 million in Carbonplace, which will connect buyers and sellers of credits through the banks

 Nine global banks have invested a total of US$45 million in a new platform to help scale up transactions of voluntary carbon credits and make it easier for their customers to participate in the market.

Demand for carbon offsets, generated through projects such as tree planting or using cleaner cooking fuel, is expected to soar as companies seek to use the credits to help meet net-zero emissions goals.

Currently the credits are often traded bilaterally on a project-by-project basis and through commodity exchanges.

Each of the banks – BBVA, BNP Paribas, CIBC, Itaú Unibanco, National Australia Bank, NatWest, Standard Chartered, SMBC and UBS – have invested US$5 million in Carbonplace, which will connect buyers and sellers of credits through the banks.

“The capital injection represents a commitment from some of the world’s largest financial institutions, which account for nearly US$9 trillion in total assets, to achieve Carbonplace’s vision of accelerating corporate climate action by providing transparent, secure and accessible carbon markets,” Carbonplace said in a statement.

The credit platform will be available to the banks’ corporate clients later this year, and in future could also be open to retail customers, Robin Green, Carbonplace Chief Technology Officer told Reuters.

He said the funding will be used to grow the team and scale up the platform’s infrastructure.

Green said the offset credits available would be those issued by existing carbon offset standards groups such as Gold Standard and Verra.

Asaase Radio 99.5 broadcasts on radio via 99.5 in Accra, 98.5 in Kumasi, 99.7 in Tamale, 100.3 in Cape Coast and on our affiliates Bawku FM 101.5 in Bawku, Beats FM 99.9 in Bimbilla, Somua FM 89.9 in Gushegu, Stone City 90.7 in Ho, Mining City 89.5 in Tarkwa and Wale FM 106.9 in Walewale
Tune in or log on to broadcasts 
online: www.asaaseradio.com, Sound Garden and TuneIn
Follow us on Twitter: @asaaseradio995
Live streaming: facebook.com/asaaseradio99.5. Also on YouTube: Asaase Radio Official.
Join the conversation. Call: 020 000 9951 or 059 415 7777. Or WhatsApp: 020 000 0995.

#AsaaseRadio
#TheVoiceofOurLand

Source
Reuters
Show More

Related Articles

Back to top button

Adblock Detected

ALLOW OUR ADS